Corbyn: Hammond is right that Labor threatens the entire economic system | Jeremy Corbyn


Jeremy Corbyn will say that Chancellor Philip Hammond is correct in calling Labor an “existential challenge to our economic model” as he pledges to lead a government that will overthrow the economic status quo.

Corbyn will tell the Co-operative Party conference on Saturday that Labor will forge a new consensus for a modern economy, which would allow digital platforms and technological advancements such as automation to thrive in ways that empower workers.

Responding to Hammond’s warning in her speech at this month’s Conservative conference, Corbyn will say the Chancellor is “absolutely right” that Labor is threatening to destroy the current economic model, adding that the current system “allows homelessness to double, 4 million children live in poverty and more than a million elderly people do not receive the care they need”.

In the speech, Corbyn will also warn of the dangers of a ‘no-deal’ Brexit, saying the future high-investment economy being envisioned by Labor depends on Britain concluding a sensible deal with it. ‘EU.

“No deal is the worst deal possible,” he said. “That would leave us with the World Trade Organization tariffs and restrictions instead of the full access to European markets that we need.

“Theresa May’s Chaos Cabinet is at risk of a job collapse across Britain. A powerful Conservative faction wants a no-deal result because they think they can use it to turn our economy into a deregulated tax haven. We must not let them do it.

Earlier this week, the Labor leader said he was extremely concerned about the lack of progress in Brexit talks and the possibility that the UK could exit the EU without a deal.

Corbyn will use his first major speech since his party conference to explain how his leadership oversaw a transformation of the Labor Party, using mass participation and new technological platforms, and to suggest that the same could be applied to the economy. and British affairs.

“The top-down organizational model – whether in politics, in the media or in business – is being challenged and collapsing,” he said.

Corbyn will say Labor is not opposed to technological advancement, but digital giants such as Uber and Deliveroo have built their success not on their technological advantage, but by “establishing a monopoly in their markets and using to lower wages and conditions “.

“Imagine an Uber managed cooperatively by their drivers, collectively controlling their future, accepting their own wages and terms, with profits shared or reinvested,” he will say.

“The biggest obstacle to this is not technological, but a rigged economic system that favors the extractors of wealth, not the creators of wealth.”

Corbyn will cite evidence from the party’s new report on alternative ownership models, which he says will examine how the benefits of the digital age and the ‘rise of robots’ can benefit both workers and customers, thanks to a shorter work week and putting ownership and control of robots in the hands of those who work with them.

“We don’t claim to have all the answers, but are radically thinking about how we can use the power of new technologies in the decades to come to make our economy work for all of us,” he will say.

Shadow Cabinet Minister Jon Trickett on Friday criticized the “hypocrisy” of Conservative attempts to criticize Labor’s record on the economy, after former Chancellor George Osborne told an audience in London that he did not believe that Labor could have prevented the financial crash of 2008.

Osborne, who is now editor of the Evening Standard newspaper, said he had “questions about some of the decisions made in 2007-08,” but believed then Prime Minister Gordon Brown and his Chancellor Alistair Darling “in general … did what was necessary in a very difficult situation.”

Osborne said that “the public finances were not as strong as they could have been after 10 years of growth… but did Gordon Brown cause the subprime mortgage crisis in America? No.”

Trickett said the former chancellor’s comments were a “cynical ploy” given the scale of the Tories’ attacks on Labor’s economic record during the tenure of Osborne and David Cameron.

Osborne previously called the crash “the great labor recession” and in 2008 Cameron said the crisis “Underscored how wrong Labor economic policy has been.”

Trickett said Osborne had “finally admitted that Labor did not cause the global financial crisis and that our spending plans were right and, in the process, he completely shredded any remaining Conservative economic credibility.”


Comments are closed.